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Economics 3/4
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Relative Scarcity
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When a nation's wants and needs are virtually infinite but there are not enough resources to satisfy these wants and needs.
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Terms in this set (229)
Relative Scarcity
When a nation's wants and needs are virtually infinite but there are not enough resources to satisfy these wants and needs.
Living Standards
How well off a nation is overall. Affected by material and non material aspects.
Material Living Standards
The economic wellbeing of individuals. The overall quantity of tangible goods and services available for consumption.
Non Material Living Standards
These refer to quality of life and could be affected by health, crime, life expectancy etc.
Economics
Examines how limited resources are used to produce goods and services to satisfy needs and wants and improve living standards.
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